Euro Technical Analysis – Daily Timeframe
The euro, within a daily ascending channel, experienced a correction after hitting the 1.12 supply order block area and has not yet reached the upper boundary of the channel. This correction could continue down to the 1.10 demand zone, and if this zone is broken, a decline toward the lower of the channel can be expected. However, if support is found in this zone, the continuation of the upward trend can be anticipated.
Euro Technical Analysis – 4-Hour Timeframe
In the 4-hour timeframe, the Euro has reached the lower boundary of its ascending channel. The support level at this point remains intact. A supply zone, highlighted by a blue box, is located around the 1.103 price level.
If the 4-hour channel’s support and the demand zone are breached, a decline in the Euro is anticipated. However, if the price rebounds from either level, the Euro is likely to resume its uptrend within the 4-hour channel.
Euro Technical Analysis – 1-Hour Timeframe
In this timeframe, the euro’s downtrend is clearly marked by red lines, and the 1.114 supply zone has triggered a strong bearish drop following its contact.
We must monitor the price reaction at the supply zone and the 4-hour ascending channel’s support level. It’s important to note that a breach of the channel’s lower boundary alone does not necessarily confirm a bearish trend. A breakdown of the daily timeframe’s demand zone is also required to establish a definitive bearish bias for the Euro.